T-note Yields Fall To 9.62%

August 29, 1985

The Treasury reported an average yield of 9.62 percent on its auction of $7.25 billion of 5-year, 2-month notes. The yield was the lowest since March 28, 1978, when a sale of similar securities yielded 7.94 percent. The Treasury said it received bids totaling $23.39 billion for the latest offering. Prices of U.S. government bonds and notes dropped as much as $3.75 for every $1,000 in face value after the auction results were announced.